Arjuna (Fictional Character): Krishna,monsoon has arrived in India with all it’s glory. Similarly it’s raining in GST,with downpour of  various notifications and circulars by CBIC, what are they about?

Krishna (Fictional Character): Arjuna, change in season is always refreshing, let us see whether these issuance of notifications and circulars bring change of season for taxpayers as well:

The monsoon breeze comes with circular on Post sales discount:

1. Post sale discount given by the supplier to the dealer would not be included in value of supply, if there is no obligation or action to be taken on the part of dealer. Butit would be included if discount is like post sale incentive. For ex- If dealer has to do exhibition after taking discount then this will be supply of service by the dealer, hence taxable.

2. Additional discount is given by supplier to the dealer to offering goods at special reduced price to it’s customer to increase sales would be taxable. This is light showering clarification.

3. ITC claimedneed not be reversed if above post sales discount is provide by way issuance of financial credit/debit note i.e. no tax impact has been given.

Rainbow in GST with extension of due dates:

1. The due date for filing of annual return and GST Audit Report has been extended to 31st August 2019.

2. The due date for GSTR-7 (Oct 18 to Jul 19) and GST ITC-04 (Jul 17 to Jun 19) has been extended to 31st August 2019.

3. Date for filing GSTR-1 by registered person having t/o upto Rs. 1.5 Cr has been extended to 31st October,2019 for the returns of month of Jul 19 to Sept 19.

4. Date for filing GSTR-1 by registered person having t/o above Rs. 1.5 Cr for the months of Jul 19 to Sept 19 is 11th day of the succeeding month.

5. Date for filing GSTR-3B for the months of Jul 19 to Sept 19 is 20th day of the succeeding month.

Umbrella of GST: Inter-head adjustment of the tax wrongly paid

As umbrella protect from rain similarly Form GST PMT-09 has come to protect taxpayer, by providing option to transfer taxes paid under wrong head to correct head.

As one expects rain in monsoon similarly expected changes have been made in GSTR-9:

Earlier GSTR-9 required to report amendments from April to September, 2018 but the lawhas allowed amendment till March, 2019 same has been changed in GSTR-9.

  • The persons now registering under GST can provide bank details within 45 days from registration earlier it was to be provided at the time of registration.
  • As rain brings relief to farmers similarly relief has been brought for the composition dealers under GST by way of filing only one annual return, quarterly payments in CMP-08 . Also now only the details of purchases under RCM have to be provided instead of all the purchases.

Arjuna: Krishna, what should one learn from this?

Krishna :Arjuna, as rain the washes away the dirt similarly issuance of notifications and circulars have washed away doubts by bringing in the clarity on certain issues. Monsoon season is pleasant season and now let’s see how these amendments prove pleasant to taxpayers.

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3 Comments

  1. Dharmesh Gupta says:

    Please eloboraye only RCM purchases to be given in gstr4or cmp-08,that means no b2b purchases or unregistered purchses has to entered by comp.dealer.Kindly explain col.ratewise details of outward/inward supplies in new notified annual gstr4 &oblige.Many thanks in advance

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